Loans

Whether it’s time to sort out your money, replace the family car or finally make a start on those home improvements, a personal loan could help.

    Why choose a loan with us?

    • Loans are available from £1,000 to £35,000 with terms from 1 to 10 years depending on loan amount and purpose
    • Get an instant decision when you apply online
    • Eligible customers can apply for a two month payment break - terms apply
    • You can pay more to pay off your loan quicker – early settlement charges apply

    How to apply

    Use our personal loan repayment calculator to tell us how much you want to borrow, and we’ll show you an example of what you might repay.

    If you apply and we offer you a loan, your rate may be higher depending on our assessment of your circumstances. Our loans are available to UK residents aged 18 and over and are subject to status. Please find out about our loans before you apply.

    Need help or looking to borrow more?

    If you already have a loan with us and need a hand, or you're looking to borrow more - we're here to help.

      Keep up to date with our Mobile App

      Our Mobile Banking App lets you keep an eye on your loan balance.

        How a personal loan can help

        There are many reasons why you might want to take out a personal loan.

          Representative APR

          Representative 3.0% APR
          On loans from £7,500 - £25,000
          For terms 37 - 60 months

          Buying a car with a loan

          Found your dream car or just need to change your runaround? A Tesco Bank Loan could get you going

          Consolidate your debt with a loan

          If it's right for you and your circumstances, a debt consolidation loan from Tesco Bank could help you manage your money better, with a simple monthly payment.

          A loan for home improvements

          A Tesco Bank Loan could be a smart way to upgrade and add value to your home, without adding to your mortgage

          Pay for a wedding with a loan

          Planning a big do, a smaller wedding, or something in between? A Tesco Bank Loan could help pay for the perfect day

          Plan a holiday with a loan

          Thinking about the trip-of-a-lifetime? You could make your travel plans happen with a Tesco Bank Loan.


          How our loans work

          About our loans

          A loan gives you the money you need upfront and lets you spread the cost of paying it back. So whether it's a special holiday, a car or a new kitchen, a personal loan can make it more affordable.

          Loans are available to UK residents aged 18 and over only. Rates will vary depending on loan amount and individual circumstances. Subject to status.

          Tesco Bank Loans: PO Box 27014, Glasgow, G2 9FE

            We offer unsecured personal loans

            This means that if we decide to lend you money, it won't be secured on your home, car or other assets. You can then spend this money on the things you need.

              Available repayment periods

              You can apply for a loan term from 12 to 120 months depending on the loan amount and purpose. Just remember that the maximum repayment period might be lower for certain loan purposes.

                Borrow exactly what you need

                We offer loans to cover costs big and small and you can be specific about the amount you need, down to the pound.

                  How interest is charged

                  The interest rate is fixed for the life of the loan.

                  At the beginning of the loan we work out the interest you will pay over the whole length of your loan and add this to your loan amount. We calculate your interest charge by applying interest at a monthly rate based on the APR to the balance of your loan, as reduced by your monthly repayments. We add this to the loan amount and then divide this total by the number of monthly repayments.

                  The loans calculator will give you an example of what it might cost you based on the loan amount and term you want. However, the interest rate we offer may be higher depending on your individual circumstances. The minimum rate that we offer is 2.9% APR and the maximum rate is 25.5% APR.

                    Representative example

                    Loan amount

                    £10,000

                      Monthly repayments

                      £179.50

                        Length of agreement

                        60 months

                          Total amount repayable

                          £10,770.00

                            Representative

                            3.0% APR

                              Annual Rate of Interest (nominal)

                              2.9595% (fixed)

                                The representative APR applies to loans of £7,500 to £25,000 over 37 to 60 months. Other terms and loan amounts are available at different rates.

                                Getting your loan

                                How soon can I get my loan?

                                If you've been approved, you'll receive some important documents within five days, which you'll need to check, sign and return to us.

                                If you apply online, you’ll get an immediate decision and, if eligible, can digitally sign your loan agreement with us. We’ll then use Faster Payments to send the money directly to your bank account.

                                Once we're happy with the information you've sent, we'll fully approve your loan and pay the money into your bank account.

                                  Payment break

                                  Take a payment break

                                  Sometimes it can really take the pressure off when you don't have to start repaying your loan straight away, especially if you've got extra expenses to cover.

                                  So when you apply for a loan, you might be eligible to apply for a payment break before stating your monthly loan repayments.

                                  • This break is only available at the start of your loan.
                                  • If your application for this option is successful, then the first payment would be taken the third month after the issue of the loan.
                                  • Interest will be charged during the payment break and your overall loan period will be extended by two months, which means that you will pay an extra two months' interest.
                                  • Your offer documentation will explain the terms of the payment break, so please read everything carefully.
                                  Making repayment

                                  Your payment is made by monthly direct debit from the account the loan is paid into. Your first payment will be made one month after issue of the loan on the date you have chosen in your application, unless you apply for an initial payment break (See under Payment Break tab).

                                    You'll always know what you have to pay

                                    All Tesco Bank Personal Loans are fixed rate. This means your monthly Direct Debit payments will be the same every month until your loan is paid off. Nice and simple.

                                      What happens if a payment is late?

                                      We'll charge £12 each time a loan payment is late and £12 when a default notice is issued.

                                        Can I pay my loan back early?

                                        Yes. But you will be charged up to two months' interest if you choose to settle your loan early.

                                          Credit checks during application

                                          Credit checks during application

                                          We'll carry out a credit reference search when you apply for a loan and a credit score will be calculated based on the information you enter and your credit reference information. This will help us make a decision on whether or not we're able to lend to you. We'll then let you know the decision and what the status of your application is.

                                            Who provides these loans

                                            Our loans are provided by Tesco Bank, PO Box 27014, Glasgow, G2 9FE

                                              APR and annual rate of interest

                                              What do we mean by Annual Percentage Rate (APR) and annual rate of interest?

                                              The APR is the total cost of borrowing, as a percentage of the amount you owe, over a year. The APR is calculated from the annual rate of interest plus any upfront fees. It gives you a way to compare the cost of different loan and credit offers.

                                              The annual rate of interest is the amount of interest that will be charged on your loan, as a percentage of the amount you owe, over a year.

                                                Contact us - we're here to help

                                                Need a few questions answered? Our UK-based teams are here to talk to you seven days a week. Lines are open Monday to Friday, 8am-8pm, and Saturday to Sunday, 9am to 5pm.